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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Japan finance minister promises spending review AFP - 2 hours 42 minutes ago Send IM Story Print Japan finance minister promises spending review TOKYO (AFP) - – Japanese finance minister Yoshihiko Noda on Sunday renewed the government's pledge to review fiscal policy to reduce the country's mounting debts amid lingering worries over sovereign risks. After decades of stimulus spending and feeble tax receipts, Japan's public debt nearly double its gross domestic product, forcing the government to issue ever more bonds to pay for hefty outlays. "It's in the national interest to draw a blueprint for fiscal restoration. Let's discuss it together," Noda told opposition leader Sadakazu Tanigaki in a television programme. Prime Minister Naoto Kan on Friday pledged a fiscal policy overhaul to reduce the country's massive public debt mountain, warning of a Greece-style meltdown. Renho, the minister in charge of government revitalisation, who goes by one name, said Sunday Japan's "finance is said to be nearly default. It's my role to overhaul the budget which has long relied on debts." Kan, a fiscal hawk, earlier this month took over from Yukio Hatoyama, who resigned over damaging money scandals and after reneging on an election promise to move an unpopular US airbase off the island of Okinawa. Kan appointed like-minded fiscal hawks as his finance minister and in other senior posts. There are hopes that Kan and Noda can guide Japan out of crippling deflation and defuse a potential timebomb of public debt, with the risk of an explosion illustrated by Europe's current fiscal crisis, analysts have said. Recommend Send IM Story Print Related Articles Powerful quake rattles Indian Ocean islands AFP - 1 hour 4 minutes ago Critics urge brakes on Vietnam's high-speed rail AFP - 2 hours 1 minute ago S.Koreans celebrate World Cup win over Greece AFP - 2 hours 36 minutes ago Japan finance minister promises spending review AFP - 2 hours 42 minutes ago Rescued US teen sailor vows to do it again AFP - 2 hours 55 minutes ago News Search Top Stories Lending constraints keep Europe central banks on alert Eurozone debt fears force France to pay higher rates Spain, Portugal celebrate 25 years in European community Search for survivors in deadly US floods resumes France plans to cut spending by 45 bln euros More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Euro to hit dollar parity in 2011, if still exists: analyst Britain honours actress Zeta-Jones, F1 racer Coulthard Search for survivors in deadly US floods resumes Ahmadinejad blasts US, says Israel is 'doomed' Obama has made 'big mistake' with Iran: Ahmadinejad More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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